Bequest Language

The following sample language is intended only as a general guide for those preparing wills or trusts. All bequests to Santa Rosa Junior College should be designated with the Santa Rosa Junior College Foundation as the beneficiary. The Santa Rosa Junior College Foundation is recognized as the official organization to receive and administer gifts and bequests on behalf of Santa Rosa Junior College.

To discuss your specific planned giving designations and how to establish a named legacy fund at the SRJC Foundation, please contact Executive Director, Kate McClintock at (707) 527-4797 or kmcclintock@santarosa.edu.

Unrestricted Bequest"I give (describe dollar amount, property to be given, or proportion of residuary estate) to the Santa Rosa Junior College Foundation, a non-profit California corporation with its principal offices in Santa Rosa, California, in the County of Sonoma, to be used for the benefit of the College in such a manner as the Santa Rosa Junior College Foundation Board of Directors may elect."

Restricted Bequest"I give (describe dollar amount, property to be given, or proportion of residuary estate) to the Santa Rosa Junior College Foundation, a non-profit California corporation with its principal offices in Santa Rosa, California, in the County of Sonoma for the purposes of establishing the following restricted fund (indicate purpose)."

"If in the future the Board of Directors of the Santa Rosa Junior College Foundation, in concert with the President and academic leadership of Santa Rosa Junior College determines that the specific purposes for which this fund was established no longer pertain or the programs benefiting from these funds no longer exist, the Board may designate that the funds be used for those purposes and programs at Santa Rosa Junior College which are most closely aligned with the original intent. Such re-designation of funds would be allowed only to the extent permitted by California law and the policies and procedures of Santa Rosa Junior College."

Restricted Named Endowment Fund (Perpetual Resource)"I hereby leave (describe dollar amount, property to be given, or proportion of residuary estate) of my estate to the Santa Rosa Junior College Foundation of Santa Rosa, California, to constitute an endowment fund which shall be used to establish a (indicate purpose such as scholarship, program, or academic department fund). This fund shall be known as (indicate proposed name of fund). For the purpose of investment, this fund may be combined with other funds of the Santa Rosa Junior College Foundation and administered according to the Santa Rosa Junior College Foundation policies and procedures."

"If in the future the Board of Directors of the Santa Rosa Junior College Foundation, in concert with the President and academic leadership of Santa Rosa Junior College, determines that the specific purposes for which this endowment was established no longer pertain or the programs benefiting from these funds no longer exist, the Board may designate that the funds be used for those purposes and programs at Santa Rosa Junior College which are most closely aligned with the original intent. Such re-designation of funds would be allowed only to the extent permitted by California law and the policies and procedures of Santa Rosa Junior College."

Simple Residuary Bequest"I give the rest of the property I own at my death to the Santa Rosa Junior College Foundation of Santa Rosa, California, in the County of Sonoma, to be used for unrestricted purposes."

Contingency Bequest"If (indicate name or names) is not living after the date of my death, I give the remainder of the property I own to the Santa Rosa Junior College Foundation to be used for unrestricted purposes."

The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in examples are for hypothetical purposes only and are subject to change. References to estate and income taxes include federal taxes only. State income/estate taxes or state law may impact your results. Annuities are subject to regulation by the State of California. Payments under such agreements, however, are not protected or otherwise guaranteed by any government agency or the California Life and Health Insurance Guarantee Association. A charitable gift annuity is not regulated by the Oklahoma Insurance Department and is not protected by a guaranty association affiliated with the Oklahoma Insurance Department. Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance.

A charitable bequest is one or two sentences in your will or living trust that leave to Santa Rosa Junior College Foundation a specific item, an amount of money, a gift contingent upon certain events or a percentage of your estate.

an individual or organization designated to receive benefits or funds under a will or other contract, such as an insurance policy, trust or retirement plan

"I give to Santa Rosa Junior College Foundation, a nonprofit corporation currently located at 1501 Mendocino Avenue, Santa Rosa, CA 95401, or its successor thereto, ______________* [written amount or percentage of the estate or description of property] for its unrestricted use and purpose."

able to be changed or cancelled

A revocable living trust is set up during your lifetime and can be revoked at any time before death. They allow assets held in the trust to pass directly to beneficiaries without probate court proceedings and can also reduce federal estate taxes.

cannot be changed or cancelled

tax on gifts generally paid by the person making the gift rather than the recipient

the original value of an asset, such as stock, before its appreciation or depreciation

the growth in value of an asset like stock or real estate since the original purchase

the price a willing buyer and willing seller can agree on

The person receiving the gift annuity payments.

the part of an estate left after debts, taxes and specific bequests have been paid

a written and properly witnessed legal change to a will

the person named in a will to manage the estate, collect the property, pay any debt, and distribute property according to the will

A donor advised fund is an account that you set up but which is managed by a nonprofit organization. You contribute to the account, which grows tax-free. You can recommend how much (and how often) you want to distribute money from that fund to SRJC Foundation or other charities. You cannot direct the gifts.

An endowed gift can create a new endowment or add to an existing endowment. The principal of the endowment is invested and a portion of the principal’s earnings are used each year to support our mission.

Tax on the growth in value of an asset—such as real estate or stock—since its original purchase.

Securities, real estate or any other property having a fair market value greater than its original purchase price.

A charitable remainder trust provides you or other named individuals income each year for life or a period not exceeding 20 years from assets you give to the trust you create.

You give assets to a trust that pays our organization set payments for a number of years, which you choose. The longer the length of time, the better the potential tax savings to you. When the term is up, the remaining trust assets go to you, your family or other beneficiaries you select. This is an excellent way to transfer property to family members at a minimal cost.

You fund this type of trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. You can also make additional gifts; each one also qualifies for a tax deduction. The trust pays you, each year, a variable amount based on a fixed percentage of the fair market value of the trust assets. When the trust terminates, the remaining principal goes to SRJC Foundation as a lump sum.

You fund this trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. Each year the trust pays you or another named individual the same dollar amount you choose at the start. When the trust terminates, the remaining principal goes to SRJC Foundation as a lump sum.

A beneficiary designation clearly identifies how specific assets will be distributed after your death.

A charitable gift annuity involves a simple contract between you and SRJC Foundation where you agree to make a gift to SRJC Foundation and we, in return, agree to pay you (and someone else, if you choose) a fixed amount each year for the rest of your life.

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